BearingPoint RegTech launches derivative reporting solution for Singapore
The MAS module helps firms comply with their derivative reporting requirements imposed by the Monetary Authority of Singapore (MAS) and digitalize their reporting processes for the submission to the trade repository DTCC.

The reporting obligations are set out in both the “Securities and Futures Act” (Chapter 289) and in the “Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013” by the MAS. The regulation applies to over-the-counter (OTC) derivatives such as interest rate, credit, foreign exchange, commodity, and equity derivative contracts traded or booked in Singapore. Starting from October 1, 2021, local financial institutions and insurers as well as subsidiaries of international companies in Singapore enter the next reporting phase according to the Second Schedule of the regulation and must report the asset classes FX, equity and commodities. Banks, merchant banks, and other companies dealing with the asset classes interest rate and credits are already in the productive reporting phase. The mandatory reports must be submitted daily to a designated trade repository (currently, DTCC) within two business days (T+2) of the transaction.

Alexander Becht, Product Manager for ABACUS/Transactions at BearingPoint RegTech, says: “We have further extended the scope of our state-of-the-art solution ABACUS/Transactions by adding the MAS module in time for the start of the second reporting phase in October 2021. The expansion to the Singapore market supports our product vision to provide a global platform for transaction reporting and strengthens our strong market position as a leading global provider of regulatory technology.”

Bella Lai, Head of RegTech APAC at BearingPoint RegTech Singapore, adds: “Since 2018, BearingPoint RegTech has successfully helped financial institutions to comply with their regulatory reporting obligations in the APAC region. With the amended Singapore’s Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013, the Second Schedule Regulations 2020 requires financial institutions to comply with October 2021 reporting requirements on foreign exchange, equity and commodity derivatives contracts. With our new MAS module, we offer financial institutions the opportunity to fulfill their derivatives reporting obligations to MAS. This will help affected firms improve their data quality, streamline their reporting processes and avoid costly regulatory fines.”

ABACUS/Transactions is a well-established standard software solution for transaction reporting based on BearingPoint RegTech´s longstanding expertise in regulatory reporting. ABACUS/Transactions provides a multitenant, end-to-end solution for multiple reporting regimes (EMIR, FMIA/FinfraG, CSA, MMSR, MiFID II/MiFIR, SFTR, and now MAS) connected to various report recipients. ABACUS/Transactions offers a wide range of business logics and functionalities such as data enrichments, eligibility checks for each reporting regime, consistency and validation checks, calculations including an enhanced lifecycle management process, and the generation of valid reporting files and sophisticated feedback loops. Full end-to-end robotic process automation (RPA) of the aforementioned functionalities facilitates fast and automated high-quality reporting. The solution has an integrated and easy-to-handle user interface to control reporting and manual interactions. It is available on-premise or as part of the cloud-based RegTech Factory offering.

By using a fully maintained, harmonized data model as well as standardized processes and workflow handlings, ABACUS/Transactions creates substantial synergies between different reporting regimes. This can lead to significant cost savings per reporting regime compared to isolated single solutions.